On-chain data revealed that a wallet linked to the token's deployer removed $2.5 million in liquidity, prompting accusations of a possible rug pull.

As City opened enrollment for 3-K and pre-K on Wednesday, Mayor Mamdani took a swipe at Eric Adams for cutting funds and outreach efforts, accusing his predecessor of willfully keeping parents in the dark about the availability of free child care.

During his final days in office, embattled New York City Mayor Eric Adams teased his future after politics, pledging to use cryptocurrency to “go after violence, educate our children, and deal with antisemitism.”

Online observers noted that the sudden collapse bore the hallmarks of what is known as a “rug pull” — similar to a “pump-and-dump” scheme.

Crypto analysts and watchdogs are calling the NYC Token rollout a rug pull after the token's market cap hit $600 million before crashing when liquidity was withdrawn.

On Monday, former New York City Mayor Eric Adams, who just left office following the election of Zohran Mamdani, promoted the launch of a new NYC Token memecoin on the Solana blockchain via a press conference, social media, and interviews. According to Adams, the goal of the crypto token is to help “fight anti-semitism” across the country.

Less than an hour after its launch, Adams' $NYC Token appeared to have lost most of its value in what some are calling a rug pull.